Reacting to today's announcement that UU spin-out company Diabetica has signed a worldwide licensing agreement with Amylin Pharmaceuticals, Inc. (Amylin) (San Diego, California) for its groundbreaking diabetes therapy, John Mulcahy, CEO UUTech Ltd, said:

“UUTech, the University of Ulster's knowledge and technology transfer arm, is delighted to be able to report the transaction successfully negotiated by Diabetica Ltd as detailed in the attached Press Release.

“The Board and Management of UUTech recognise the enormous contribution to the worldwide licensing agreement with Amylin from the founders of Diabetica, Profs. Peter Flatt and Finbarr O'Harte and Dr Neville McClenaghan, and by UUTech Director Matt O'Driscoll, who has worked intensively for two years to get Diabetica to this point.

“It is important to note that while the ultimate value of the licensing agreement to Diabetica could total more than US$40 million (£23.6m), this will be achieved only if the "GIP Agonist" proves to be commercially successful, and meets certain milestones. The modest upfront payment will enable Diabetica to continue with the development of its other principal products. It is likely to be some years before Diabetica's shareholders derive any direct benefit out of the transaction, or indeed out of this important spin-out company's broader development.

“For UUTech, and for the University of Ulster, the licensing deal validates the decision to re-launch Diabetica and to make the capital investment needed to establish the spin-out in 2004 and to attract the external investment from SEROBA BioVentures Ltd. It is our belief that the Diabetica spin-out and its progress towards effective full commercialisation sets the standard by which UUTech aims to develop.